1. There was less debt than today:
- about $8 trillion less in America, and
- about $57 trillion less worldwide
2. The world economy was still in growth mode:
- China was still growing (at least according to the official figures) at 8% a year
- Commodities were becoming more expensive.
- There were still many areas in which investment was paying off.
3. The Fed still had some ammunition to fight the downturn:
- Short-term interest rates were at 2%.
- Now, it has been at the “zero bound” for 6 years.